By exploring the factors that affect the shareholding change of foreign institutions, we find that corporate governance and financial issues may not be related to the shareholding change of foreign institutions. We employ censored panel data models focusing on either positive or negative samples in terms of the shareholding change of foreign institutions; results reveal that corporate governance and financial performance are related to the shareholding change of foreign institutions for positive samples instead of negative samples, which is similar to the finding that results might not be the same for low quantile or high quantile estimation by using quantile regression models. This concern seems rarely examined in the relevant literature.